The Malin-backed dermatology treatment developer floated at the bottom of its range, but is currently 65% up after its first day of trading.
Novan, a US-based dermatology product developer that counts life sciences company Malin among its investors, raised $45.1m when it floated on Nasdaq yesterday.
The initial public offering involved Novan issuing 4.1 million shares, more than the 3.75 million originally planned, but which were priced at the bottom of the $11 to $13 range.
Novan is developing dermatology treatments based on its nitric oxide platform, and it intends to put $29m of the proceeds into advancing its lead candidate, a topical…
